Examlex
What do many experts believe concerning the wealth gap?
Supply
The total amount of a product or service that is available to consumers, often influenced by price, production costs, and external factors.
Labor Union
An organization of workers formed to protect and advance their rights and interests, typically through collective bargaining.
Excess Supply
A situation where the quantity of a product offered by producers exceeds the quantity demanded by consumers, leading to surplus.
Equilibrium Market Wage
Another term for the wage rate at which the quantity of labor demanded equals the quantity supplied, ensuring labor market balance without excess supply or demand.
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